Smart home security startup Boundary Technologies has secured £3.7m in funding to scale up following the successful launch of its first product.
The investment, which includes £1.5 million from Skyscanner co-founder Gareth Williams, will be used to expand the fast-growing business over the next 18 months.
This will enable Boundary to expand its team while further developing its home security product and tech capabilities.
Boundary launched its first product in March this year – a DIY smart home security system which uses cutting-edge technology to solve the problems of traditional alarm systems and disrupt the sector.
The Edinburgh-based firm says the system is constantly evolving, with new features being added over time. This week, an in-app panic alarm function has been included which activates an outdoor siren.
Google Home, Alexa and IFTTT integrations have also been added, Boundary revealed.
Commenting on the investment, Robin Knox, CEO of Boundary, said: “This is hugely exciting news and is a change of trajectory from our original, more modest ambitions – we are now set on the path for Boundary to become a top-tier European home security business.
“To have someone with the calibre of Gareth giving our product his backing and mentorship is incredible; we have massive plans for the future.”
Part of Boundary’s expansion includes the further development of its local crime information sharing network. In addition to this, Boundary confirmed it will immediately double its team from nine to 18.
Three of these new hires will be responsible for the delivery of the network, while roles in design, development and community management are also being filled.
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The £1.5m investment from Skyscanner’s Gareth Williams represents his biggest angel investment to date, while the remainder of the funds were granted from existing Boundary shareholders, Scottish Enterprise and Equity Gap.
Founders Robin Knox & Paul Walton and Chairman, Richard Lewis, also revealed they will invest a substantial sum of their own money in this investment round.
Scottish Enterprise has been a supporter of Boundary from an early stage, providing the company with advice and grant support in addition to investment.
Jan Robertson, interim director of Growth Investments at Scottish Enterprise, said: “Bringing Gareth on board is a boost for Boundary’s founders whose proven entrepreneurial track record has been a major factor in the remarkable growth enjoyed by the business already.
“We look forward to continuing to work with the company as it develops its products, attracts further investment and breaks into new markets.”